Originally published May 3, 2023 but updated on August 16, 2024 for relevancy.

Is your dream to work  in the financial services industry? Are you pursuing a degree in finance or business? Are you starting to think about what internships will help you get to a full-time position after graduation?

When looking for roles, there is nothing more valuable than obtaining hands-on experience prior to your college graduation. Investment banking internships offer a reliable pathway into a full-time career at an inestment bank.

Depending on the bank and the market conditions of the year, return offers for full-time employment are extended to 60-90% of the intern class. With the percentages that much in your favor, an internship should be on the agenda of anyone interested in a career in investment banking.

Things to consider when looking for investment banking internships

Many elements of the recruiting process for investment banks can seem daunting at first glance. Ultimately, it's about weighing your options and choosing between the investment banks you apply to, always considering the long-term benefits for your career. When discussing banks specifically, consider the following factors when choosing between the investment banks to which you apply:

Bank Types

One of the most important things to consider when applying to an investment banking internship is the type of bank. By size, investment banks fall into three categories: boutiques, middle-markets, and bulge bracket banks.

Boutique banks are typically separated by elite, regional, and industry-specific, each with its own focus. Elite boutique investment banks primarily work with larger companies to focus on organization restructuring and mergers and acquisitions.

Bulge bracket banks are the most prominent kind of investment bank, offering services globally. Many of these banks have multiple divisions, and investment banking is just one part of the whole picture. Other divisions include asset management, private wealth management, retail banking, corporate banking, and private equity.

Like its name, the middle market bank is right between the boutique and bulge bracket banks. Its services vary depending on industry and region.

Each investment bank offers different services to its customers, subsequently offering different internship experiences. It is important to evaluate your long-term career goals and see how an internship in each type of bank would aid in achieving them.

Training and mentorship

Focus on internship programs that offer structured training, learning resources, and access to professional mentors who can guide you through your internship. Building relationships within the firm can yield benefits down the line. 

When doing research, don’t be afraid to reach out to previous interns on LinkedIn, to ask about their experiences. They may even be able to help connect you to hiring managers and recruiters in charge of the internship program you are interested in, or provide information on how the recruiting process looked like for them. Short, informational networking calls can be super beneficial when first starting to build your professional network.

Deal flow and transactions

Exposure to transactions is critical to a meaningful internship. Research previous transactions the investment bank has participated in and its deal history. The hands-on experience acquired from being involved in a deal (or deals) as an intern only enhances your learning and resume.

Industry specialization

Certain banks will specialize in different industries, so choose one relevant to your interests and career path. The book, ‘The Accidental Investment Banker,’ outlines how the author’s first day at an investment bank was writing a pitch for chicken production. If technology is more your bag, ensure that it’s where the bank’s specialization lies. Looking at the firm’s portfolio will help ensure this alignment.

Culture and work-life balance

It’s no secret that first—and second-year analysts at investment banks often work 60—to 80-hour work weeks. Some investment banks replicate this experience for interns, while other programs emphasize a more holistic experience. Know the difference, and decide which suits you best and your career goals.

A note on the best banking internships in 2024

DealRoom has omitted the larger, bulge-bracket investment banks from this list, but that doesn’t mean they don’t deserve to be on here.

Of course, they do. But this list intends to inform and inspire some thinking on your investment banking internship choices. Adding Goldman Sachs, JP Morgan, or Morgan Stanley to the list, as deserving as they are to be on it, wouldn’t accomplish this.

With this disclaimer out of the way; here are 6 of the best investment banking internships in 2024.

Best investment banking internship programs

FT Partners

Link: FT partners internship

Although not as well-known as other boutique investment banks, Financial Technology Partners (FT Partners) has a highly competitive summer internship program that sets up its graduates for success in landing a full-time role. Its team of FinTech bankers and experts are able to provide a highly effective internship.  

Following the typical 10-week cadence, this program introduces interns to a broad range of responsibilities, from financial modeling and company valuations to due diligence and memorandum writing. FT’s program also features a specialized mentorship program with scheduled feedback sessions. 

This internship recruitment process features an online application, a 30-minute assessment to test cognitive and personality matches, multiple rounds of interviews, and a professional reference check. 

Financial Technology Partners is not one of the better-known investment banks, even in the boutique investment bank segment, but its summer internship is one of the most highly regarded. Vault ranks it the highest in its best investment bank internships. A typical 10-week internship gives interns a broad range of responsibilities, from financial modeling and company valuations to due diligence and memorandum writing. There is also a specialized internship program team and scheduled feedback sessions with each intern’s assigned mentor.

Harris Williams

Link: Harris Williams internship

Harris Williams’ internship program has justifiably gained a reputation as one of the best. The thoughtfully designed internship is not just messing around in Excel; it mimics a junior analyst role, allowing interns to interact with clients and attend meetings and conferences.

Additionally, Harris Williams runs an intensive 2-week long M&A-focused “boot camp” for less experienced hires from its Richmond, VA headquarters. This option is great for candidates looking to learn through client-oriented work.

Houlihan Lokey

Link: Houlihan Lokey internship

Most of the firms on this list could claim not to receive enough recognition, but perhaps none more than Houlihan Lokey. According to data provided by Refinitive, it is the no. 1 investment bank for global M&A transactions under $1 billion.

For interns, this translates to access to plenty of hands-on work that isn’t available at other firms for junior bankers. Their internship program runs for 10 weeks and the first week is spent in a specialized training program, which tutors interns on their chosen area of work. The smaller teams at Houlihan Lokey work on a greater quantity of deals, making this internship one of the most sought-after of all investment banks.

Guggenheim Partners

Link: Internship by Guggenheim partners

Those interested in an internship at Guggenheim Partners’ can choose from 3 different programs for their 10-week stay at the firm: Focus on the middle markets in Chicago, energy in Houston, or do the generalist course (which includes restructuring) at the New York office. In addition to the usual training, mentoring, and performance evaluations, the Guggenheim Partners’ internship sets up social events for the interns, where they can network with others in the company and the industry, and a ‘speaker series’, where they attend conferences headed up by senior investment bankers.

Moelis & Company

Link: Moelis Careers Overview

Moelis & Company is a global independent investment bank advising over $4 trillion in transactions over its short but active history. Their internship program has become a highly coveted position for aspiring investment banking analysts. This 12-week program is offered to students at all of their headquarters, including Frankfurt, London, Chicago, New York, and San Fransico.

Analysts and associates in the summer internship participate in intensive training programs and ongoing professional development.

William Blair

Link: William Blair Early Career

Headquartered in Chicago, William Blair is a leading investment bank with a significant presence in the Midwest. It focuses on middle-market transactions in niche industries. Interns at this firm can expect to gain hands-on experience with valuations, financial models, market exposure, and market research. Additionally, William Blair is known for its excellent work culture and work-life balance.

What are the most prestigious finance internships?

Evercore Partners

Link: Evercore internship

Evercore Partners regularly tops the best investment bank internships lists. Usually referred to as the ‘fastest growing investment bank in the world’ (it has grown revenues at a CAGR in excess of 10% over the past decade), it has a reputation for treating interns like it’s going to need them to sustain that growth as soon as they finish school. 

Evercore Partners, one of the fastest-growing independent investment banks in the world, is regularly listed among the top internships. 

Evercore has a 10-week internship program designed for undergraduate students entering the final year of their degree. Interns receive in-depth exposure to investment banking through this program with projects financial modeling, client relations, quantitative analysis, market research, and underwriting and due diligence. Additionally, feedback is given to each intern through exit interviews at the end of the program, prior to return offers being extended. 

Lazard

Link: Lazard internship

Lazard is the world’s largest independent investment bank. Perhaps no other bank straddles the worlds of blue chip and boutique investment banks quite like Lazard, with offices in New York City, Paris, and London. 

The Lazard internship program is divided into subsections, including asset management, Financial Advisory, and Corporate. Interns are assigned into teams with designated mentors. The program is designed to incorporate as many of the day-to-day tasks of a first-year investment banking analyst as possible. This translates to gaining hands-on experience in transaction structuring, financial modeling, and networking with investment bankers at all tiers of the business.

How to get an investment banking internship

When applying for an investment banking internship, it’s tempting to go straight to the bulge bracket investment banks, fill in their extensive application forms, and then join the queue with hundreds or thousands of other candidates for each role. This is a well-trodden path for those interested in careers in investment banking. There’s nothing wrong with it, but  there are more efficient and effective ways to land your first role. We have compiled the best ways to apply for your first investment banking internship.

Understand the Timeline

If an investment banking internship is something you know you’d like to pursue, start early. The recruiting process for the more extensive investment banking firms starts 18 to 24 months before the start date, while other industries only start recruiting 3-6 months prior. These positions are in high demand, and banks want to secure the best candidates as early as possible. 

Power of Networking

Don’t underestimate the power of professional relationships when  landing that first internship. As you start your career, contacting professionals in positions that you hope to reach one day can be really powerful.

Informational interviews can be scheduled via LinkedIn or email, and take 15-20 minutes. These conversations are where potential applicants reach out to industry professionals to learn about their career paths and job experiences and get advice on how to break into the industry. If you are in a city with a big financial presence, you can even do these informational interviews in-person, helping you gain professional connections.

Professionals in the banking industry are busy, so try to reach out during slower months, not at the end of the fiscal or calendar year. It is recommended to reach out to many junior bankers, including full-time analysts and associates in the industries or companies you are interested in, and don’t expect everyone to respond to your inquiry.

Update Your Resume

Before you apply to any internship, ensure that your resume is up to date with relevant experience or coursework. Because these summer programs are only available to certain ages and grade levels, be sure to put your expected graduation year on the resume in addition to your educational background. 

If you find yourself not having previous intern or job experience that is relevant to the job description, consider looking into free (or paid) certifications like the M&A Science Academy, Wall Street Oasis training courses, Coursera's financial courses, or even LinkedIn Learning's business modules. These courses offer unique learning experiences and insights that would apply to a career in finance.

Cover letters are another great way to show your personality and passion differently than simply listing skills and experiences. Tailor your cover letter to address how you are a good candidate for the position and address the responsibilities listed in the job description, which can help make your application stand out.

Application Process

Every bank’s application process will look slightly different, but generally, they are composed of these parts:

• Submit an online application
• Aptitude or cognitive test
• Screening interviews
• Second and third-round interviews (often called a Super Day)
• Offer letter

This process can take weeks to months, depending on the number of applicants and interviews. Don’t be nervous if it seems like there are many hoops to jump through.

Prepare for the Interview

Nailing the interview is a crucial step in landing your summer internship. Interviews will consist of technical and behavioral portions. Check out online question banks with mock questions on valuation, accounting, and business principles commonly tested during the interview. Wall Street Oasis is an excellent resource for preparing for an interview.

If you attend a target business school, alum connections often play a significant role in your interview process. Multiple people will interview you. An associate conducts the initial rounds, while a more senior banker, such as a vice president or managing director, conducts the final rounds.

Summary

When looking for an investment banking internship, there’s far more out there than the regular blue-chip investment banks and their endless application forms. An internship will kickstart your career in investment banking. With such a long lead time full of researching, applying, and interviewing, the 10-12 week internship itself can seem like a very short amount of time.

A return offer after an internship is not guaranteed, raise your hand to help on projects to make a positive impact in the firm. Make sure you are responsive to requests from managers, and show commitment to a future career in the financial services industry. Investing time in the process maximizes your chances of finding the bank that fits best with your career goals.